Category Archives: Crypto

Dogecoin: Everything You Need to Know About the Crypto

Dogecoin began as a joke. However, it has grown to become one of the most popular online currencies.

Many Dogecoin or DOGE fans buy and hold it until they can sell it at a huge profit.

But is that all? Is becoming rich with Dogecoin that simple?

You are about to find out.

History of Dogecoin

Bitcoin, the first cryptocurrency, was open source. Everyone was free to copy it—and people did. Clones like Peercoin and Litecoin popped up all over.

Dogecoin was created in 2013 by Jackson Palmer and Billy Markus. It is a copy of Litecoin which is very similar to Bitcoin.

People always refer to Dogecoin using silly language relating to the moon and dogs. (The coin features the Shiba Inu dog).

From the beginning, Dogecoin gained a devoted fanbase. Its fans are mainly people who like dogs and those who want to participate in crypto trading without being serious about it.

Most people don’t get it. One of Dogecoin founders, Palmer, even washed his hands. He said that the cryptocurrency market is overheated and that the crazy rise of Dogecoin was a clear indication of that. The Crypto market crashed several days after that statement.

Dogecoin, however, survived.

Is Dogecoin Technically Sound?

Not exactly. Dogecoin copied Litecoin which is technically sound.

One user can send and receive DOGE in a permissionless way on the cryptographically protected network.

It works but it is not as decentralized or as secure as Bitcoin—not even close.

Dogecoin is not innovative, it has never been from the beginning. Its block time may be shorter than Litecoin’s and its supply unlimited, unlike Bitcoin; but Dogecoin is not regularly updated. Sometimes it takes years for a new version to be launched.

Dogecoin is like Bitcoin’s carefree and silly cousin.

Elon Musk Loves Dogecoin

Elon Musk is a fan of silly stuff. So, his love for Dogecoin doesn’t come as a surprise. He tweets about the cryptocurrency occasionally on Twitter—which causes the price to rise dramatically.

In an interview, Musk said that it would be ironic and entertaining to see Dogecoin become Earth’s currency in the future.

But Musk seems to prefer Bitcoin when it comes to business. Tesla bought about $1.5 billion worth of Bitcoin recently.

Other celebrities like Gene Simmons and Snoop Dog have also endorsed Dogecoin.

Should You Buy Dogecoin? If Yes, How Do You Buy It?

Most major exchanges like Binance support Dogecoin.

DOGE works like any other online currency. You can transfer the coins to your wallet or keep them on the exchange.

Will Dogecoin Get to $1?

Dogecoin may have the support of rich celebrities and a dedicated fanbase but it is not technically interesting.

In a year, the price of Dogecoin has risen 13000% and its market cap is currently at $34.5 billion. Proponents seem positive that the coin will hit $1 one day. It is not impossible, but you also do not know how far the joke can go.

Tread carefully, especially if you are not a seasoned trader.

Cardano’s Upcoming Alonzo Update Pushes ADA Price

In a short period, Cardano (ADA) has made it to the list of top 10 online currencies by market capitalization. It is currently at number seven and has a market capitalization of more than $41 billion. It represents about 2% of the cryptocurrency market globally. It attained an all-time high ($1.5) on April 14, according to CoinGecko.

Charles Hokinson, co-founder of Ethereum blockchain and founder of Cardano leads the IOHK. He posted a video on his YouTube channel titled “Some Musings About the Roadmap”. In the video, he talked about Cardano’s roadmap over the coming four years.

He said that Cardano developers are busy trying to find a solution for the scalability issue as well as Cardano’s approach. However, he will start focusing on the issue when the Alonzo update is complete. After the Goguen update is done, the Cardano roadmap scalability phase will follow. The name of the phase is Basho, named after a Japanese haiku master of the 17th century.

The Deadalus and Alonzo Upgrade

The Deadalus update was released by Cardano on April 1. It marks the start of native tokens support on the blockchain and the Project Catalyst Fund3 voter registration. With this update began the countdown to the cryptocurrency becoming a totally decentralized blockchain.

The countdown has already reached its realization. A representative from the Cardano Foundation discussed the Deadalus update with Cointelegraph.

They said that a Deadalus user’s wallet can now be used as one unified interface to accept both ADA, in addition to many other tokens on the blockchain. They also talked about Cardano’s journey to becoming a decentralized blockchain.

According to Cardano, the decentralization event has put it on the map as one of the most decentralized blockchains globally. The next and last phase of Goguen is the Alonzo update. This upgrade is expected to provide smart contract functionality. The Plutus platform is responsible for enabling this upgrade’s development.

Additionally, Cardano developers have come up with a method of minting and selling NFT collectibles without the smart contract functionality.

ADA Could Hit $2 Because of DeFi Growth

Over the past 14 days, Cardano’s gains have grown nearly 10%. The important $2 mark is only $0.6 away. Given its current growth rate, the ADA will pass this $2 mark soon.

Something else that could promote growth is another DeFi summer. Going by the 2020 DeFi summer, the DeFi markets may reach new highs this year. As a matter of fact, ADA’s one-year gains are currently at 3,490.8%.

One expert believes that the Goguen phase’s final stages will introduce a number of existing DeFi trends onto the network. These include automated market makers as well as lending market.

With Cardano’s use cases and its Alonzo update, the cryptocurrency may well become an alternative platform to Ethereum. Ethereum has always been the king in the DeFi ecosystem. Cardano is choosing to take a positive approach as far as this narrative is concerned. They say they are more interested in offering world-class components and less interested in market share competition.

10 Best Cryptocurrencies to Invest in for 2021

Cryptocurrency is an online currency not regulated by a central system. It is instead based on blockchain technology. Bitcoin is currently the most popular cryptocurrency.

Digital currency is becoming more common on Wall Street and this has led to the availability of more options. Now, there are over 5,000 cryptocurrencies.

You can use digital currency to buy stuff; but for most people, it is a long-term investment.

Cryptocurrency investing can be risky, especially if you don’t have enough information.

So here are the 10 best cryptocurrencies that you can invest in.

How the Top 10 Cryptocurrencies Were Picked

Longevity

Has the cryptocurrency been around for long? This is not to say that new digital currencies are bad. But historical data helps you analyze the performance.

Track Record

The performance of the company over the years is important. If the prices have had some stability, that’s good. A promising currency is one that is gaining value over time.

Technology

Is the platform usable and secure? Transactions should be handled smoothly.

You also don’t want to lose your investment because of an insecure platform.

Adoption Rate

A high adoption level usually means that the digital currency has great liquidity. It will be easier to spend, sell or trade in the future.

The Top 10 Cryptocurrency Investments in 2021

1. Bitcoin (BTC)

Bitcoin is the oldest cryptocurrency. Its volume, market cap and price are higher than those of the other options. It represents 40 percent of the market cap.

Risks

Bitcoin fluctuates a lot. It is also quite expensive for people who want to purchase whole shares.

2. Ethereum (ETH)

Ethereum is both a cryptocurrency and a network, making it unique. It may be cheaper than Bitcoin but it is well ahead of the other online currencies.

Risks

Transactions can take long to process.

3. Binance Coin

Binance has grown slowly but consistently. This has made it a stable investment option with fewer risks.

Risks

Many people are skeptical when it comes to security.

4. Tether (USDT)

Tether is extremely stable because it is connected to the US dollar.

Risks

There have been doubts about the actual reserve stock.

5. Cardano

Investors love Cardano because transactions are cheaper and faster. It has also proven to be quite secure.

Risks

The low adoption rate makes investors hesitant.

6. Polkadot (DOT)

The creators of Polkadot are former Ethereum leaders. They wanted to create an online currency with a much better network.

Risks

Polkadot has a short history so it’s hard to assess its track record.

7. Ripple (XRP)

Ripple offers international transactions and the transactions only take seconds.

Risks

The growth rate is not that impressive.

8. Litecoin

Litecoin completes transactions much faster than Bitcoin. If the fast transaction rate continues, it could grow dramatically.

Risks

It is closely tied to Bitcoin so its value fluctuates a lot.

9. Chainlink

This cryptocurrency has an appealing price and it is easily accessible. It has also shown promise when it comes to growth.

Risks

Its low market cap doesn’t make it attractive.

10. Stellar (XLM)

This cryptocurrency acts as a bridge between blockchain networks and banks. It serves a niche need.

Risks

If it faces stiff competition its value could drop.